Monday, July 4, 2022
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Custodian Investment grows revenue by 14%

THE Chairman, Custodian Investment Plc, Dr. Omobola Johnson, has said the company grew its revenue by 14 per cent as of the end of December 31, 2021 financial year.

A statement from the company said the chairman disclosed this while addressing shareholders at the 27th yearly general meeting of the company in Lagos.

Despite economic conditions in 2021 financial year, she said the gross revenue grew from N75.06bn in 2020 to N85.74bn in 2021.

The profit after tax, however, recorded 21 per cent reduction to close the year at 10.05bn from N12.69bn in 2020 because of one-off non-operating gains realised in 2020, she said.

Johnson said the total asset base of the company rose by five per cent to hit N184.47bn during the review year.

The chairman also said equity attributable to owners of the parent company grew by 16 per cent to close the year at N55.12bn, from N47.65bn in 2020.

He assured shareholders that the company would continue to adopt strategies that would ensure steady returns to them.

Analysing the financial performance of the company during the review period, the statement said shareholders of the company lauded the board and management for a successful year despite the turbulent economic conditions under which it operated in 2021.

The statement said the President of Nigeria Shareholders Solidarity Association, Mr Matthew Akinlade, expressed hope that the company would continue to grow bigger and bigger in the future.

A shareholder, Mr Adebayo Adeleke, who also commended the company’s financial performance, remarked that since 2008, Custodian Investment had never failed to pay interim dividend.

Adeleke also commended the company for its consistent growth and asked the board to consider the idea to democratise the directorship of the company and ensure some kind of diversity in a bid to accommodate minority shareholders in the boards of subsidiary companies.

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